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Sasol appoints Dr Mokaba to its board
Sasol announced the appointment of Dr Benny Mokaba (44) as an executive director with effect from 1 May 2006. Dr Mokaba will assume responsibility for Sasol's energy businesses in South Africa, including Sasol's synfuels, mining, Secunda shared services, gas, and liquid fuels businesses. Dr Mokaba will be a member of both the Sasol board and the group executive committee and will be appointed as a director of various group companies and divisions. Dr Mokaba has had a highly successful career spanning industry, academia and government. He was executive chairman and regional vice president of Shell Southern Africa. Dr Mokaba also worked for, among others, the Development Bank of Southern Africa. He was also acting director general in the national department of welfare, headed Steinmuller Africa (which was subsequently acquired by Deutsche Babcock) and was chairman of Siemens Southern Africa. Dr Mokaba completed a PhD (Public Policy & Economics) on a Fulbright Scholarship at Brandeis University in Boston, USA. He completed his undergraduate studies at Fort Hare University.
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Sasol Mining implements BEE transaction
Sasol Mining, the wholly-owned coal mining business of Sasol Ltd, announced the first phase implementation of its broad-based empowerment strategy through the formation of Igoda Coal (Pty) Ltd, an empowerment venture with Eyesizwe Coal, a black-owned mining company. As a result of this transaction the black economic empowerment (BEE) ownership component in Sasol Mining now comprises an estimated 8%. The group would expedite plans to advance the second phase of its broad-based BEE ownership strategy that will see it achieve about 20% BEE shareholding by 2009 and full compliance with the Mining Charter's target of 26% by 2014.
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Sasol's response to joint announcement
Sasol's shareholders are referred to the joint announcement today by Petronas, Sasol, Tshwarisano LFB Investment (Pty) Ltd and Worldwide African Investment Holdings.
Although disappointed with the outcome and much of the commentary in the judgement published by the Competition Tribunal, Sasol respects the process and decision made relating to the proposed merger of its liquid fuels business with Engen. The business case and merits of this merger remain compelling in Sasol's view. It is considered unfortunate that an opportunity to create a national fuel champion, in much the same way as other countries have their own (e.g. BP of the United Kingdom, Total of France, etc) in markets that are significantly larger than South Africa's, has been lost.
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Sasol wont appeal Tribunal's ruling
Petronas, Sasol, Tshwarisano LFB Investment and Worldwide (the parties) have jointly considered the recent ruling of the Competition Tribunal prohibiting the proposed merger of Sasol's liquid fuels business with Engen. The parties are disappointed with the ruling of the Competition Tribunal. However, after considering the adverse impact on their businesses of a further protracted legal process through the appeal procedure, and notwithstanding the merits of the proposed merger, the parties have jointly decided not to appeal against the ruling of the Competition Tribunal.
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